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Irish Statutory Instruments |
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You are here: BAILII >> Databases >> Irish Statutory Instruments >> European Union (Motor Insurance) (Exclusion of Certain Contributions to the Insurance Compensation Fund and the Motor Insurers Insolvency Compensation Fund) Regulations S.I. No. 658/2023 URL: http://www.bailii.org/ie/legis/num_reg/2023/0657.html |
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Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 22nd December, 2023. | ||
I, MICHAEL MCGRATH, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving effect to Directive 2009/103/EC of the European Parliament and of the Council of 16 September 20091 , as amended by Directive (EU) 2021/2118 of the European Parliament and of the Council of 24 November 20212 , hereby make the following regulations: | ||
1. These Regulations may be cited as the European Union (Motor Insurance) (Exclusion of Certain Contributions to the Insurance Compensation Fund and the Motor Insurers Insolvency Compensation Fund) Regulations 2023. | ||
2. These Regulations shall come into operation on 23 December 2023. | ||
3. The Insurance Act 1964 (No. 18 of 1964) is amended - | ||
(a) in section 3F - | ||
(i) in subsection (5), by the substitution of “Subject to subsection (7), in this section” for “In this section”, and | ||
(ii) by the insertion of the following subsection after subsection (6): | ||
“(7) With effect from 23 December 2023, the reference to gross premiums in the definition in subsection (5) of ‘assessable amount’ shall not include the gross premiums paid to a vehicle insurer authorised in another Member State in respect of cover provided by it for risk in the State classified under class 10 in Part 1 of Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ).”, | ||
and | ||
(b) in section 6, by the insertion of the following subsection after subsection (14): | ||
“(15) With effect from 23 December 2023, the references to gross premiums in this section shall not include the gross premiums paid to a vehicle insurer authorised in another Member State in respect of cover provided by it for risk classified under class 10 in Part 1 of Schedule 1 to the European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ).”. | ||
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GIVEN under my Official Seal, | ||
20 December, 2023. | ||
MICHAEL MCGRATH, | ||
Minister for Finance. | ||
